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SMM Morning Review - 2010/8/12 Zinc Market
SHANGHAI, Aug. 12 (SMM) -- LME base metals prices generally closed with declines yesterday. Data released on Wednesday shows that the US trade deficit in June has grown to a 21-month high. Meanwhile, the Federal Reserve said the pace of recovery in the U.S. is likely to be "more modest" than forecast, and China's industrial production and fixed asset investment in July were both weaker than expected, spurring market concerns over global economic growth, and the US dollar index climbed to 82.4 as a result. However, LME zinc prices fell at a slower pace, with LME three-month zinc contract prices closing at USD 2,050/mt, down USD 40/mt compared with the previous trading day.
Market optimism weakened in China, and SMM predicts SHFE 1011 zinc contract prices will not likely find support above RMB 17,000/mt today, and will struggle at the RMB 17,000/mt mark.
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